- Indian auto industry has recorded a double-digit growth in export numbers in the last quarter (April-June) of FY25.
Automobile exports from India increased by 15.5 per cent on a year-on-year basis in the first quarter of FY25. The automobile shipments to overseas countries have increased across all the verticals, revealed the latest SIAM data. The statement from SIAM has stated that overall shipments of automobiles in the just concluded quarter were 11,92,577 units, as compared to 10,32,449 units registered in the same period of the last financial year.
Passenger vehicle shipments surge 19 per cent
The passenger vehicle shipments to overseas markets from India stood at 180,483 units in the first quarter of the current fiscal, registering a surge of 19 per cent over the 152,156 units recorded in the same period last year.
Maruti Suzuki led the space with an export number of 69,962 units to overseas markets between April and June this year. The car manufacturer exported 62,857 units in the first quarter of FY24. The second biggest passenger vehicle manufacturer in India, Hyundai Motor India shipped 42,600 units in the last quarter, registering a growth from 35,100 units shipped in the same period a year ago.
Two-wheeler export grows by 17 per cent
Besides passenger vehicles, two-wheeler exports also registered a double-digit growth in the last quarter. The two-wheeler shipments from India to the overseas markets between April and June this year were 923,148 units; recording 17 per cent growth as against 791,316 units recorded during a year ago period.
SIAM sees positive trend and turnaround of industry
With the growth in shipments of vehicles across different verticals, SIAM sees a positive trend in the trajectory and turnaround of the Indian automobile industry. Speaking about this, SIAM President Vinod Aggarwal said that it is a good sign for the industry that exports have started doing well. “I think that’s a very good sign that exports seem to have bottomed out, especially in the commercial vehicle segment. We have started seeing the growth from the first quarter this year,” he noted.
Automobile exports from India had declined 5.5 per cent in FY24 due to the monetary crisis in various overseas markets. Overall exports stood at 45,00,492 units in the last fiscal year as compared with 47,61,299 units in FY23. However, the numbers recorded in the last quarter suggest that the industry is seeing a turnaround.
First Published Date: 15 Jul 2024, 08:51 AM IST